(Note: This applies to residential customers; business customers should contact us for more info.)
Customers often ask us about security deposits. We require a deposit – normally in cash – to secure your outstanding account balance. The amount of the deposit is based upon the type of heat at your residence or its history of electric usage. We typically require deposits from customers who are either new to AEP Ohio or have had trouble paying their bills on time.
Do I have other options?
In lieu of a cash deposit you may provide either:
- A guarantor who agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines to qualify.
- A letter from another utility showing on-time payment for at least twelve months.
Will I earn interest on my cash deposit?
Yes. As long as we hold your deposit for least six months, you’ll earn interest at a rate of 3% per year from the date you paid your deposit.
Will I get my deposit and interest back?
Your deposit plus interest will be applied to your account after one year, provided no more than two bills were paid late. If any bills are paid more than 30 days past their due date then the deposit and interest won’t be applied.
If you close your account, any remaining deposit plus interest will be applied to your final AEP Ohio bill. (Interest is earned after a deposit is held six months.)
More questions? Please contact our Customer Solutions Center at (800) 672-2231.